From left: Kevin Healy, Manager Corporate Banking Ireland, Bank of Ireland; Helen Norris, Kernel Capital; Jim Cassidy, CEO, Code Institute & Joe Healy, Manager HPSU Accelerate Department, Enterprise Ireland.Cork, Ireland,8th July 2016:
Kernel Capital through the Bank of Ireland Kernel Capital Venture Funds is pleased to confirm a €500,000 investment in Code Institute, syndicated by Enterprise Ireland. Established in 2014 to tackle the widening ICT skills gap across Europe, Code Institute is Europe’s first and only university accredited coding bootcamp.
Code Institute delivers intensive, certified “Bootcamp style” education programmes that provide graduates with job-ready coding skills that are immediately applicable in the workplace. The programmes are available online and in the classroom.
The syllabus for the Company’s Full Stack course was developed in conjunction with their Industry Advisory Council, including experts from companies such as PayPal, Morgan McKinley, Ogilvy, Accenture and Dell. Following the investment, Dr. Micheal O Foghlu CTO, Red Hat Mobile and former co-founder & CTO of Kernel Capital Investee FeedHenry has joined the Code Institute’s Advisory Council.
The EU Commission has identified a shortage in ICT skills is looming, with 825,000 job vacancies predicted across the EU by 2020 due to a lack of digital skills . To date, 94% of the Code Institute’s graduates have been successfully hired as ICT professionals within 3 months of graduation. This investment will be used to develop a suite of future courses and to support the Company’s international market expansion plan.
Orla Rimmington, Partner, Kernel Capital said:
“Ultimately, there is no substitute for well-educated and talented people building great locally based companies; the shortage in Digital skills is a concern for future growth in Ireland and abroad. Kernel Capital is pleased to support Irish Edtech companies like Code Institute as they expand internationally and aim to help fill the gap in ICT professionals predicted across Europe by 2020.”
Commenting on the announcement Jim Cassidy, CEO Code Institute said:
“We are delighted that Kernel Capital has led this investment in Code Institute. There is a real shortage of people with coding experience both in Ireland and internationally and our intensive bootcamp course gives graduates the real-world coding and software development skills that are in demand. Our approach greatly reduces the time taken to get students job-ready, to date this has led to a 94% success rate for students being hired within three months of graduation.”
Welcoming the announcement Joe Healy, Manager of Enterprise Ireland’s HPSU Accelerate Department said:
“Edtech is one of the fastest growing sectors of the digital economy globally. Enterprise Ireland recognises the significance of the Edtech sector in ensuring that Ireland is at the forefront of technology and innovation and to secure sustainable economic growth. Ireland is already home to some leading education businesses and I have no doubt that this announcement by Code Institute will help accelerate a vibrant education and learning technology sector in Ireland.”
Donal Duffy, Head of Enterprise Ireland Relations at Bank of Ireland added:
“The Bank of Ireland Kernel Capital Seed & Early Stage Equity Fund continues to support innovative, high growth, export focussed companies that are addressing key challenges to national competitiveness on a global scale. Code Institute links industry and academia by developing an extremely practical, hands-on diploma in software development delivered by sector experts. Bank of Ireland plays an active role with a number of educational institutions through funding, facilities and mentoring initiatives so this investment is particularly appropriate to our ethos.”
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of €210m / £165m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of €1m to €5m in the ROI and £0.5m to £2m in NI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.
Code Institute is working with Employers, Career Upgraders and Recruiters to create a globally recognised set of standards for software developers (coders). This is borne out of the acute skills shortage that exists in just about every type and size of business. While the effects of and ever-increasing prevalence and reliance of digital technologies are, in the main, positive, organisations are struggling to identify and hire appropriately skilled software developers. Code Institute has created a state-of-the-art, 3-month Coding Bootcamp – an intensive, fast-track software development training course that provides students with coding skills that can be immediately put to work. Enterprise Ireland is an existing shareholder in Code Institute.